HAVERFORD LOFTS

43 Units | University City

Overview

  • Offering Price $10,600,000
  • Residential Units 43
  • Pro Forma CAP Rate 6.7%
  • Price / Unit $246,512
  • Building RSF 26,327 RSF
  • Building GSF 34,500 GSF

Haverford Lofts is situated within blocks of nationally and internationally known institutions on the cutting edge of healthcare, science, research, and technology, and boasts a highly skilled eds and meds tenant base. The Property was fully leased within three months due to the quality of units and its proximity to these universities, hospitals, and other institutions. 

Residents of Haverford Lofts are within walking distance of the campuses of Drexel University and the University of Pennsylvania, Penn Medicine complex, and Children’s Hospital of Philadelphia. Further, the rapidly expanding UCity Science Center, Saint Joseph’s University, and VA Medical Center are nearby. 

In late 2022, Drexel University’s Health Sciences Building opened a few blocks from Haverford Lofts at 60 North 36th Street (±10-minute walk). This 12-story, 460,000-square foot, state-of-the-art building brings together the College of Nursing and Health Professions, the College of Medicine, and the Graduate School of Biomedical Sciences and Professional Studies, enhancing collaboration,   research, and practice opportunities.

Completed in May 2024, Haverford Lofts comprises 43 units and utilizes a “student-friendly market rate” leasing strategy. The luxury apartment units feature designer finishes and hardware, stainless steel appliances, quartz counters, LVT flooring, subway tile backsplash, sleek modern cabinetry, in-unit washers/dryers, and Juliet balconies (in select units). Haverford Lofts is fully amenitized and offers residents a gym room, a study lounge, bike storage, Amazon Lockers, a package room, and an expansive rooftop deck.

 Haverford Lofts is a true transit-friendly property. Residents are within walking distance of trolley, bus, light rail, and subway lines. SEPTA’s 40th and Market Street Station (Market-Frankford Line) is a ±10-minute walk/5-minute bike ride from the Property for trips into Center City and the surrounding suburbs. Additionally, major highways, including Interstates 76, and 676 for daily commuters, are nearby to provide unparalleled access to the Philadelphia Region. 

Newly constructed Haverford Lofts presents an excellent opportunity to acquire a turnkey property that attracts an eds and meds tenant base in the expanding University City section of Philadelphia. 

Investment Highlights

New Construction Asset: Little to No Deferred Maintenance; Turnkey Operation

Tax Abatement: 10-Year Full Tax Abatement in Place

No Affordable Income Component: One of the Last Projects in the Area without a Required Affordable Rent Component; All Units at Market Rates

Affordable Luxury Apartment Living: High-End Finishes at an Affordable Price Point
Eds & Meds Tenant Base: 100% Occupied; Lease-Up within 3 Months due Quality of Units and Proximity to Universities and Hospitals

Highly Amenitized Asset: Property Features a Gym, Study Lounge, Bike Storage, Secured Parking, and Roof Deck

Transit-Oriented Location: Proximity to Bus, Subway, and Trolley Lines, and 30th Street Station for SEPTA Regional Rail and Amtrak

Proximity to Major Institutions: Walk to the University of Pennsylvania, Drexel University, Penn Medicine, & the Children’s Hospital of Philadelphia

Team

Ken Wellar

Ken Wellar

Founding Partner
GREA
215-454-2879
610-745-4800
Corey Lonberger

Corey Lonberger

Founding Partner
GREA
215-454-2878
267-760-3726
Alan Krawitz

Alan Krawitz

Associate Director
GREA
267-323-4083
610-420-4559
Douglas Emrich

Douglas Emrich

Associate Director
GREA
215-454-2889
610-733-8482

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